A recent survey conducted by Redfield & Wilton Strategies exclusively for Newsweek reveals that homeowners across the United States are experiencing increased financial strain due to rising property taxes and insurance costs.
The poll, which surveyed 1,500 eligible voters nationwide on May 1, found that a majority of respondents have witnessed an uptick in either property taxes or home insurance premiums over the past year. Specifically, 65 percent of Americans reported higher property taxes, while 69 percent indicated paying more for home insurance.
In the Midwest region, the impact of rising costs appears particularly pronounced, with 74 percent reporting increased property taxes and 73 percent noting higher insurance premiums.
This trend aligns with broader concerns about property tax rates nationwide. A January UChicago Harris/AP-NORC poll revealed that around two-thirds of Americans believe their property tax rates are too high.
According to Rocket Mortgage, property tax rates vary by locality, with the highest rates observed in New Jersey, Illinois, and New Hampshire, while the lowest rates are in Hawaii, Alabama, and Colorado.
Brian Mollo, owner and CEO of Trusted House Buyers, explained that escalating assessed home values have contributed to higher tax bills for homeowners. He likened this increase to a salary raise, where higher earnings lead to a corresponding rise in taxable income.
Greg Batista, president of G. Batista Engineering & Construction in South Florida, highlighted significant home value appreciation in states like Colorado, Georgia, and Utah. Batista attributed rising property taxes to the heightened demand for public services, which prompted local governments to seek additional revenue for essential services like education and infrastructure.
